ACE Market-bound ES Sunlogy said its initial public offering (IPO) was oversubscribed by 60.13 times, according to a Monday prospectus on Bursa Malaysia.

The mechanical and electrical engineering services and renewable energy solutions provider received 23,723 applications for 2.14 billion issue shares, valued at 641.8 million ringgit, from the Malaysian public.

The company received 10,627 applications for 699.3 million issue shares for the Bumiputera portion, showing an oversubscription rate of 38.96 times.

Bumiputera refers to various Indigenous people in Malaysia.

For the public portion, 13,096 applications for 1.44 billion issue shares were received, reflecting an oversubscription rate of 81.29 times.

Meanwhile, the 17.5 million issue shares available for application by eligible persons have also been fully subscribed.

Meanwhile, all 87.5 million issue shares issued via private placement to selected investors have been fully placed.

Moreover, all 70 million existing shares allocated through private placement to selected investors have been fully subscribed, it noted.